BREAKING: Senate Begins Squeezing of CBN Governor, Details Emerge

• The Senate committee on finance, banking, insurance and financial institutions has started questioning the governor of the CBN, Yemi Cardoso
• Cardoso reportedly lead a team of the CBN for interrogation before the committee on Friday for discussion
• The Senate in January had summoned the CBN governor over the country’s dwindling economy and continuous decline of the naira against dollar

FCT, Abuja – Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), is currently being squeezed by the senate committee on finance, banking, insurance and financial institutions.

According to Channels, Cardoso led officials of the apex bank to answer questions before the committee on Friday, February 9.

Cardoso and his team were earlier summoned by the committee on January 31 to appearance and discussion, Channels Television reported.

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Why Senate summon CBN Governor Cardoso?

The Senate committee made the summon following concerns about the state of the economy and the continuous decline of the Nigerian currency in the foreign exchange market.

The senator is asking the CBN to explain the myriad of economic challenges facing the country.

Senator Adetokunbo Abiru said there is a need for a forensic investigation of the previous transactions and the issue of compliance of the bank.

With poverty and insecurity at an all-time high owing to the food crisis, lawmakers believe that the CBN cannot convincingly tell Nigerians that its policies are working.

Kanu urges CBN to abolish dollar business transaction

Meanwhile, Senator Orji Kalu maintains that the government must go back to abolishing the use of dollars in business transactions as he bemoans the dwindling FDI in the country.

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He also demands to know the plans of the CBN in reconciling with the NLC and TUC to avert the planned strike, a move he says will severely accentuate hunger and hardship.

The lawmakers express fear over the proposed food importation to bridge food shortage and the tendency for it to destroy the country’s food security and discourage farmers from advancing production.

Source: Legit.ng